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FSA Loan Program Transfers Farmland To The Next Generation
FSA Loan Program Transfers Farmland To The Next Generation

Originally Appeared On : "agriview.com"

February 7, 2013

Brad Pfaff, USDA Farm Service Agency (FSA) Wisconsin State Executive Director, reminds landowners that the Land Contract Guarantee Program is available to landowners wishing to transfer farm real estate to the next generation of farmers and ranchers.

This program provides a new approach for landowners willing to sell their land to beginning or socially disadvantaged farmers because it reduces the seller’s financial risk if the buyer defaults on the contract payments. The buyer must provide a minimum down payment of 5 percent of the purchase price, plan to operate the farm, and demonstrate the ability to make the land contract payments.

The national program offers two options, one that guarantees up to three annual installment payments on the contract and one that guarantees 90 percent of the unpaid principal of the contract. Guarantees can be used for financing the purchase of a farm with a purchase price up to $500,000 on a new land contract.

Landowners can use any escrow agent that meets the program qualifications to service the land contract.

For more information about the Land Contract Guarantee Program contact the local county FSA office. Information can be found at www.fsa.usda.gov.
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Buying and selling of agricultural land can be very complex.  To help you tackle the issues surrounding agricultural land transactions, Farms.com Real Estate has compiled a list of experts in the areas of agricultural economics and land values. 

University of Illinois

Department of Agricultural and Consumer Economics, Extension Specialist, Farm Management
Gary Schnitkey
schnitke@uiuc.edu

Department of Agricultural and Consumer Economics, Extension Specialist, Farm Management
Dale Lattz
d-lattz@uiuc.edu

Iowa State University

Michael Duffy
mduffy@iastate.edu
http://www.econ.iastate.edu/faculty/duffy/landnew.html

Kansas State University

Kevin Dhuyvetter
Professor and Extension Specialist, Farm Management
kcd@ksu.edu

Terry Kastens
Professor and Extension Specialist, Farm Management
tkastens@agecon.ksu.edu

Michigan State University

Stephen Harsh
Professor and Extension Specialist in Agricultural Economics
harsh@msu.edu

Eric Wittenberg
Outreach Specialist
wittenbe@msu.edu

University of Minnesota

Philip Raup
Professor Emeritus
praup@umn.edu

David Bau
Agricultural Business Management, Agricultural Business Management
bauxx003@umn.edu

 

 

 

 

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